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Former South Korean social media giant, Yonhap, is looking forward to relaunching its business with the help of the crypto-space. The news reported from the local media outlet reads that Cyworld is dealing with the “major gaming companies” that demand crypto-related ventures. Apart from this, Yonhap is also planning to Launch the Mainnet to Compete With Kakao, a global public blockchain project.
Yonhap is Expanding Ecosystem to Use Cyworld Tokens
According to Yonhap, Cyworld network service is looking to lock deals with software makers in the gaming industry. A successful deal adopts in games its Ethereum-based token Dotori (SNS). A statement from the representative of the firm reads:
“We are discussing ways to exchange Cyworld tokens, which were previously called ‘Acorns,’
with goods of large game companies. We are expanding the ecosystem where Cyworld tokens can be used.”
However, Cyworld has not disclosed the names of the companies taking part in the meeting. The only thing which is specified as “large ones in the gaming sphere is in the loop.”
As per the report,
“if the plans go ahead as expected, users could use Dotori to pay for services and eventually purchase games in the companies that sign a deal with Cyworld.”
The firm also reveals the plans to launch its mainnet to compete with Kakao’s Klaytn network on the same day. However, the move will be finalized after the discussions with the MCI Foundation.
Cyworld’s and The Crypto Space
Presently owned by a consortium of five domestic companies that includes SKY E&M, Cyworld was acquired by a company, Aire, in 2016. After the data leak incident, the company raised around $0.5 million in token sales for crypto called “Cling.” and the token prices touched minimum rapidly, resulting in the failure of the business.
Talking about the South Korean social media network, launched in 1999, it became wildly popular across the country.